FIU-IND

The Financial Intelligence Unit – India (FIU-IND), under the Ministry of Finance, is the national agency that receives and analyses reports of suspicious and large financial transactions under the Prevention of Money Laundering Act, 2002 (PMLA).

A government notification of 7 March 2023 brought virtual digital asset service providers, meaning businesses that exchange, transfer, safeguard or administer VDAs for others, under the PMLA as "reporting entities". They must register with FIU-IND, verify customers (KYC), keep records and report suspicious transactions. Offshore exchanges serving Indian users are covered too: in December 2023 FIU-IND issued show-cause notices to nine offshore exchanges operating without registration.

For users, an exchange's FIU-IND registration is a basic check that it is operating within India's anti-money-laundering framework. It is not a guarantee of solvency or security.